Cypress oil companys december 31 2013 balance sheet listed

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Reference no: EM13578167

Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance:

The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013.

Required:

1. Determine the rate used to discount the noninterest-bearing note.Discount rate %

2. Determine the explicit interest rate on Note 2. (Do not round intermediate calculations.)Interest rate %

3. What is the amount of interest revenue that appears in the company%u2019s 2013 income statement related to these notes? (Do not round intermediate calculations.)Interest revenue $

Reference no: EM13578167

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